What is BaaS and how to choose the right platform?

What is BaaS and how to choose the right platform?

At first glance, it might seem that the blockchain applies only to specialists involved in the IT area. In fact, blockchain belongs to those modern technologies that will change our near future as dramatically as the Internet.

Moreover, already today, blockchain technologies are actively used in cryptocurrency functioning systems, and tomorrow these innovations can penetrate almost all areas of our lives.

As a rule, medium and large-sized businesses need a tangible positive result of introducing a new technology already in the short-term. As a result, Blockchain-as-a-Service was born.

The Blockchain-as-a-Service (BaaS) business model allows both businesses and users not to develop blockchain solutions from scratch, but to use ready-to-go templates.

BaaS has the benefits of cloud services, including:

  • Inexpensive access to advanced technology;
  • The ability to scale the business;
  • Data security;
  • High-quality software and many others.

You can apply the BaaS solution when implementing various kinds of projects — from startups to projects of transnational corporations. And all this without investment in the development of their own blockchain networks.

The disadvantages of the BaaS model include the fact that the cloud blockchain implies a certain degree of centralization because transactions within this type of blockchain are routed through the host. But for many companies, it is much more important to reduce the cost of developing their own distributed technology, which allows us to make a cloud service.

A company does not need to reinvent the wheel for its business if there is already a ready-made blockchain solution. Except in those cases when a company cannot trust the service of its network to another company, albeit a well-known one.

Blockchain-as-a-Service shows effectiveness in solving many problems, including accounting and statistics, ensuring the confidentiality of customer records, as well as real estate registration.

Globally, BaaS technology can provide support for the processes that underpin the global economy.

To understand which BaaS to use for the company and whether it is necessary at all, first of all, it is necessary to understand the skills of your team. If you are a large business conglomerate, then there will be no problem finding the necessary developer.

But if you are a medium-sized business that employs one or more specialists who are used to work only with Windows, while BaaS solutions are usually based on Linux, then the learning curve will be quite substantial, which will incur enormous time costs.

Security is a separate issue. In some cases, a BaaS provider can help with this. But, given the many security issues ranging from the application level to the server one, there’s no certainty that everything has been taken care of properly.

Other criteria for choosing Blockchain-as-a-Service will be accessibility, OS selection, simplicity, and pricing.

BaaS has enormous potential in the entertainment industry, retail, energy, the financial industry and even in power structures, automating those areas of activity of politicians that are now used subject to manipulation, for example, elections.

In all of the above industries and in many others, experiments have been conducted using the blockchain, according to the results of which distributed technologies have shown their effectiveness.

bc.team can integrate your business with blockchain!